Italian agro-energy conglomerate Montedison said on Tuesday it is selling its 56-per cent in starch maker Cerestar to U.S. agribusiness giant Cargill for 33 euros per share. The price represents a 56 per cent premium on the closing price on Sept. 25, the day before Montedison entered exclusive talks with Cargill. Privately held Cargill will pay a total of 474 million euros ($427.4 million) for the stake. Following the deal, Montedison will write off debts of 400 million euros. Cerestar is one of the four food companies resulting from the recent break up of French agricultural company Eridania Beghin Say. Italenergia, the consortium led by Fiat which took control of Montedison in July, has said it plans to focus on the energy side of the conglomerate's business, selling other assets.
